Question

DSCI 5330 -- Enterprise Applications of Business Intelligence!!

Read Application Case 4.6 in your textbook and answer the following question:

What data would you include in an application to predict the success of a new product and where would you find the data? Your answer should also include why you would choose the data and how you would use it e.g., how would this data help predict the success of a new product. **Choose any product you would like as an example.

***Limit your post to 300 words

Answer 1

Solution:

In order to understand the success of the product there is certain requirement of data which can be analysed to gain the insights about the success of the product. Such data is very much crucial for the business and product team because it helps in analysing the success of the product well in advance.

In order to find the determine the success of the product we would need market research data along with consumer survey data which would tell us about the consumer sentiment related to the new product idea of our kind along with the analysis of the market, leading players, competitors and other related factors crucial for understanding success of the product. These data points togehter help in deriving insightsabout the market and target consumer and helps in determining the success of the product. The data about consumer sentiment would help in understanding how the consumers are oriented towards the product. The data about pilot testing helps in getting much needed feedback about the product which helps in further development of the product. Hence, these are additonal sources of data which can help in determining the success of the product.

We can find such data at reputed market research companies or we can directly conduct our own teams for primary market research to gain the data ourselves for the product. These are two of the most common ways on generating and finding data for new product development.